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Energy One (ASX: $EOL) reports half-year financial results

Energy One Limited (ASX: $EOL) half-year financial report highlights


Energy One Limited (ASX: $EOL) has released its Appendix 4D Half Year Final Financial Report for the half year ended 31 December 2023. The report shows a statutory basis EBITDA of $3.3M, which was $1.7M lower than the comparative period. Revenue was up $4.6M on the prior comparative period, with additional costs primarily related to investment in staffing, acquisition costs, restructuring costs, and cyber incident costs impacting the result. The company experienced a cyber-attack during the second half of 2023, affecting corporate systems and resulting in some data being taken. However, no customer systems or customer-facing systems were affected, and the business was not materially interrupted.

Executive commentary on company performance and outlook


Shaun Ankers, Chief Executive Officer of Energy One Limited, highlighted the company's strong revenue growth and good margins, maintaining a blended gross margin of 62% for the group over the past 12 months. Ankers also addressed the mooted acquisition by Symphony Technology Group (STG), stating that despite the disruptive process, it was ultimately valuable for the company, providing insights into areas for improvement and the opportunity to scale. He also emphasized the importance of ongoing investment in cyber and information security, including working towards accreditation for ISO 27001. Ankers expressed confidence in the company's strong pipeline and revenue growth, particularly in the European market, and the shift towards recurring revenue accounts.

Outlook and guidance for the future


Looking ahead, Energy One Limited anticipates a return to material profitability in the second half of the financial year, with revenue guidance for FY24 at $51M, of which Recurring Revenue will be around $45M. The company aims to continue enabling new customers to enter the green power market and assisting existing customers in transitioning from traditional fuel sources. Energy One is positioning itself to be at the forefront of the evolving energy landscape, with a focus on incorporating AI into its technology solutions and providing operational and trading services for customers. The company also remains open to good acquisition opportunities while focusing on organic expansion. Despite the challenges faced in the first half, the Board is confident in the company's strategy and the opportunities ahead.

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